Health Injection

Aug 27, 2012 (LBO) – Sri Lanka’s Asiri hospital group will get a 2.26 billion rupee cash injection from Actis, a private equity group, on top of a 604 million rupees last week, taking the total to 2.87 billion rupees (21 million US dollars) so far. Last week Actis invested 604 million rupees in Asiri Central Hospitals Ltd, buying a 10.8 percent stake.

Asiri Hospital Holdings said it planned to place 209 million shares with Actis Investment Holdings SL Ltd, at 10.80 a share. Actis will then hold 19.09 percent of the hospital firm.

The company will use the money to clear cross holdings in equity and preference shares in the group and reduce debt.

Asiri Hospital Holdings will buy 7.303 million shares in Asiri Central Hospital, which has land in Colombo’s Horton Place for 250 rupees a share (1.8 billon rupees) from Asiri Surgical Hospital.

It will also buy 15.88 million shares in Central Hospital (a new hospital in Colombo’s Norris Canal Road) for 25 rupees (397 million rupees) held by Asiri Surgical Hospital.

Asiri Surgical Hospital will use 1.48 billion rupees to redeem preference shares held by Asiri Hospital Holdings Ltd.

The firm said it will also increase its shareholding in Asiri Central Hospital and Asiri Surgical